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BALANCE SHEET CLASSIFICATIONS : Micheles Clothing, Inc. used the following headings on the companys December 31, 2012 balance sheet. (Note that letters appear more than

BALANCE SHEET CLASSIFICATIONS: Micheles Clothing, Inc. used the following headings on the companys December 31, 2012 balance sheet. (Note that letters appear more than once to accommodate the Scantron.) Please choose the most likely category.

  1. Current assets B. Capital Stock
  2. Investments C. Additional Paid-In-Capital
  3. Property and equipment D. Accumulated Comprehensive Income
  4. Intangible assets E. Retained Earnings
  5. Current liabilities A. Contra Equity

A. Long-term debt B. Note or not reported on Balance Sheet

18. Expenses that company budget shows will be paid in the next year

  1. Discount on Bonds Payable (Due 2029)
  2. Unrealized Gains from Available for Sale Securities (OCI)
  3. Fully depreciated machinery still in use
  4. Patents
  5. Bond Sinking Fund

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